The period of time in which the borrower is required to make payments on his/her loan.
The length of time you have to repay the loan. The Repayment Term is stated in the promissory note you sign when you apply for a loan. The maximum repayment term is usually between 10 and 30 years, depending on the type of loan and the amount you borrow. The longer the repayment period, the more expensive the loan becomes because you pay more in interest, however, the monthly payment is lower because you repay the loan over a longer time period.
The period during which a borrower is required to make loan payments.
The time frame that the borrower must repay the lender.
The term of a loan is the period during which the borrower is required to make payments on his or her loans. When the payments are made monthly, the term is usually given as a number of payments or years.